BBVA is prepared for open banking

BBVA leads the ranking of the 11 banks and fintech firms developing the best open platform strategy, according to 11FS. The fintech consulting firm notes that BBVA “has taken the bull by the horn” by making a wide range of APIs available to developers through the BBVA API Market.

11FS identified the banks that are adopting a proactive approach and leading in API development so that third parties can build their new services based on their capacities or data. Their post, 11 Banks and fintechs doing APIs better than you, coincides with the British Competition and Markets Authority’s report instructing the financial industry to introduce a series of reforms to make open banking a reality.

One of these reforms involves the requirement for European banks to give access to their data and share them on APIs, to be enforced starting in the first quarter of 2018.

BBVA is betting big on open platforms and BBVA API Market is, as of today, the clearest example of this strategy. The portal – through which developers can access BBVA’s APIs – is still in a pilot stage and, for the time being, is available by invitation-only for users from Spain and the United States. The purpose is to offer other companies a way to leverage BBVA’s capabilities to build their services.

The British CMA considers this measure fundamental to foster competition and for the development of personalized, transparent services that will make it easier for individuals and companies to manage their finances.

Eight APIs

BBVA is listed as one of the banks that has done its homework. On API Market, previously authorized developers can access up to eight APIs for the Spanish market and four more for the U.S.

These APIs provide access to data on accounts, cards, payments, statistics, loans and notifications so that other companies can use them in an innovative way to create new services and products.

11FS maintains that even though these early initiatives may seem a bit “boring” or limited, they are very important steps in the right direction. Banks are putting the infrastructure in place to be ready for the open platform revolution. “They are forging relationships with developer communities and gaining valuable experience in this exciting new world of open banking,” concludes 11FS.

The new European regulation on payments means fundamental changes in the industry, as it gives third parties access to bank infrastructure. It underscores the growing importance the Application Program Interface (API) world is acquiring in different sectors like finance. BBVA is one of the financial institutions opening access to its platform and core services through “Open APIs”. The bank seeks to become the best partner for fintech firms to create disruptive models and develop a new line of business.

Recently, APIs have become heart and soul some of the most ambitious projects and one of the most topical themes among technology experts. Most of these experts agree that APIs will revolutionize the Internet, but for the layman these three letters form yet another one of the many acronyms we stumble upon on a daily basis. Jose Manuel de la Chica, from New Digital Business- Engineering at BBVA, explains the four keys to understand what APIs are all about.

Other interesting stories

Subscribe to our Newsletter and receive our news at the moment by mail

Receive in your email the latest information on mortgages: products, tips and recommendations to make the best decision.

To improve the quality of our services, to provide a pleasant experience and to analyze your navigation habits as a user of the Site to show users advertising related to their preferences, please note that we use proprietary and third-party cookies. If you continue browsing the Site we assume that you accept the use of cookies.

If you want to change your settings or check more information, you can access our cookie policy by clicking here.